Kestra Investment Management LLC purchased a new stake in Elevance Health, Inc. (NYSE:ELV - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,365 shares of the company's stock, valued at approximately $710,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Bank & Trust Co acquired a new position in Elevance Health in the second quarter valued at about $27,000. PSI Advisors LLC acquired a new position in Elevance Health during the third quarter worth about $27,000. Opal Wealth Advisors LLC acquired a new position in Elevance Health during the second quarter worth about $28,000. Strategic Financial Concepts LLC acquired a new position in Elevance Health during the second quarter worth about $30,000. Finally, Eastern Bank acquired a new position in Elevance Health during the third quarter worth about $31,000. Institutional investors and hedge funds own 89.24% of the company's stock.
Wall Street Analyst Weigh In
Several research analysts have commented on the company. UBS Group lowered their target price on Elevance Health from $605.00 to $555.00 and set a "buy" rating for the company in a research note on Friday, October 18th. Cantor Fitzgerald reduced their price target on Elevance Health from $600.00 to $485.00 and set an "overweight" rating on the stock in a report on Friday, October 18th. Argus cut Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, October 18th. TD Cowen reduced their price target on Elevance Health from $589.00 to $484.00 and set a "buy" rating on the stock in a report on Monday, October 21st. Finally, Morgan Stanley reduced their price target on Elevance Health from $643.00 to $551.00 and set an "overweight" rating on the stock in a report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $539.20.
Check Out Our Latest Report on ELV
Insider Transactions at Elevance Health
In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the sale, the executive vice president now directly owns 8,423 shares of the company's stock, valued at approximately $3,639,915.22. This represents a 46.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.35% of the stock is owned by insiders.
Elevance Health Trading Up 1.0 %
Shares of Elevance Health stock traded up $3.88 on Monday, reaching $410.84. 581,554 shares of the company's stock were exchanged, compared to its average volume of 1,182,802. The company has a market capitalization of $95.28 billion, a P/E ratio of 14.84, a price-to-earnings-growth ratio of 1.21 and a beta of 0.85. Elevance Health, Inc. has a 52 week low of $391.02 and a 52 week high of $567.26. The firm's 50-day moving average is $446.87 and its two-hundred day moving average is $504.13. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50.
Elevance Health (NYSE:ELV - Get Free Report) last issued its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts' consensus estimates of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The firm had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. During the same period in the previous year, the company earned $8.99 earnings per share. Elevance Health's revenue for the quarter was up 5.3% compared to the same quarter last year. Sell-side analysts predict that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.
Elevance Health Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health's payout ratio is 23.77%.
About Elevance Health
(
Free Report)
Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.
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